-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们12个月的目标价为87美元，较上年同期上调31美元，该目标价综合考虑了相对估值和现金流折现（DCF）模型。相对估值方面，我们对DINO 2027年的预期EBITDA采用7.0倍的企业价值倍数。该倍数高于DINO的历史平均水平，但低于同行。鉴于DINO的投资回报率低于平均水平，我们认为略低于同行的估值倍数是合理的。同时，考虑到DINO的炼油利润率在2026年和2027年都将保持较高水平，高于正常水平的估值倍数也是合理的。基于此，我们得出的每股价值为85美元。此外，我们的现金流折现模型采用5%的中期自由现金流增长率和2%的终值增长率，并以7.2%的加权平均资本成本（WACC）进行折现，得出的每股内在价值为89美元。我们将DINO 2026年的每股收益预期上调2.87美元至7.30美元，2027年的每股收益预期上调1.66美元至6.26美元。我们认为，DINO在中馏分油领域的占比高于平均水平，而我们认为中馏分油的炼油利润率相对较高。该公司的股票收益率为2.8%。
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Mining & Metals
Stifel Canada on Cargojet's "Solid" Q1
Cargojet (CJT.TO) reported solid first-quarter results despite the macro volatility, underpinned by resilient domestic network performance and growth in new charter business in South/Central America, notes Stifel Canada.Analyst Daryl Young, who is maintaining a buy rating and $120.00 price target on the company's shares, notes that, at first look, Cargojet's adjusted EBITDA of $81.9 million was 4.9% above consensus.Management provided a constructive outlook, with the domestic network performing well through April, while the new charter customers/routes are expected to smooth traditional seasonality across the year.Revenue associated with the grounding of the MD-11 jets last November is expected to continue through the third quarter of this year. The international aircraft, crew, maintenance and insurance (ACMI) business remains slow, but appears to have found a new run-rate for the north/south routes (east/west routes will still take time to recover), Young adds."Overall, we continue to think that CJT is doing a good job managing through the current depressed environment, with its fundamental results and share price poised to see upside as tariff/trade overhangs eventually fade."Price: $82.17, Change: $+4.47, Percent Change: +5.75%
$CJT.TO
Research
Research Alert: CFRA Maintains Hold Opinion On Lucid Group Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target to $6 from $10. Following a weaker-than-expected Q1 earnings release, we are maintaining a Hold opinion on LCID shares. We revise our adjusted EPS estimates to -$12.00 from -$12.70 for '26 and to -$11.10 from -$11.45 for '27. LCID posted Q1 adjusted EPS of -$2.82 vs. -$2.04, well short of the -$2.30 consensus. Revenue rose 20% to $282.5M ($76.0M below consensus) in Q1, led by higher prices, as total vehicle sales fell 1% to 3,093 units. In the release, LCID did not provide any update regarding prior 2026 vehicle production guidance of 25K-27K units (an implied increase over the 17,840 units produced in 2025). In our view, LCID's accelerating cash burn and rising inventories suggest ongoing risks. The company's ability to achieve sustainable growth while managing its substantial cash requirements remains the critical challenge as it seeks to establish a viable position in the competitive luxury EV market; however, a $1.5B capital raise last month helps extend its liquidity runway.
$LCID
Mining & Metals
RBC Lowers Colliers International Group's Price Target to US$155.00 From US$160.00, Maintains Outperform Rating
RBC Capital Markets maintained its outperform rating on the shares of Colliers International Group (CIGI.TO, CIGI) and lowered its price target to US$155.00 from US$160.00 after the company reported its first-quarter financial results.RBC characterized Q1 as "top-line strong but bottom-line wobbly.""Overall AEBITDA margin declined 67 bps to 9.5%, caused by: 1) CIGI has been investing in recruiting and IT investments to enable AI efficiencies within CRE, 2) Outsourcing had slower growth, 3) Lower utilization in residential development and telecom end markets in Engineering, 4) Higher than expected tax rate in Europe, 5) Integration under Harrison Street platform in IM, which has been well articulated in the past," stated RBC.While 2026 guidance was maintained, it relies on a strong H2, said RBC. CM and leasing appear on track to deliver "strong revenue growth", 25% expected for CM and 8% for leasing in 2026, which RBC expects to more fully flow through to EBITDA in H2, as it did last year. Europe and APAC "could be slowing somewhat" from the Iran war but NA "remains strong notwithstanding rate rise," it further stated."Given macro uncertainties and lingering AI impact overhang where one is 'guilty until proven innocent', CIGI's price action today suggests that the market has no patience for wobbly quarters nor backend-loaded guidance," said RBC in a note dated May 5, 2026.RBC continues to believe that for "patient investors", CIGI offers "good value" even under RBC's "more conservative" 2026 estimates at 13x AEPS and 10.5x AEBITDA."Our new PT of (US)$155 (-3%) is based on forward AEBITDA multiple of 12.5x, reflecting 11x for CRE, 12x for Engineering and 15x for IM. Maintain OP," added RBC.Price: $137.23, Change: $+5.09, Percent Change: +3.85%
$CIGI$CIGI.TO